Okeydokey...

I put in the GOUT (which of course was sourced from a laserdisc master which was taken from the 35mm version) and the blinking light was there in the scene where Fett was loading Solo in the cargo hold. Pretty bright.

My copy of the 97 SE also had the blinking light, only it was very dim. It wasn't so much flashing, only it was a orange blob that grew and shrunk. It wouldn't have been hard to miss if I hadn't been looking close.

The 04 SE also had the blinking light on the tower, but it was a bit easier to see.

It seems to Sluggo that the light isn't as easy to see in the SE's because the reds and oranges were ramped up in the so-called color correction.